Narrow Search
Last searches

Results for *

Displaying results 176 to 199 of 199.

  1. Can low interest rates be harmful
    an assessment of the bank risk-taking channel in Asia
    Published: 2014
    Publisher:  Asian Development Bank, Mandaluyong City

    Events surrounding the global financial crisis have brought to light the potential role of monetary policy in precipitating the crisis. Numerous studies on advanced economies have documented a significant negative relationship between interest rates... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Keine Speicherung
    No inter-library loan

     

    Events surrounding the global financial crisis have brought to light the potential role of monetary policy in precipitating the crisis. Numerous studies on advanced economies have documented a significant negative relationship between interest rates and bank risk-taking. This paper also finds the presence of the risk-taking channel based on a panel of publicly listed bank data in Asia. Using both annual and quarterly data, "too low" interest rates are found to lead to an increase in bank risk-taking.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ADB working paper series on regional economic integration ; 123
    Subjects: Geldpolitik; Realzins; Bankrisiko; Theorie; Bank risk-taking; interest rates; panel data; monetary policy; Asian banks
    Scope: Online-Ressource (52 S.)
  2. Taxing banks
    an evaluation of the German bank levy
    Published: 2014
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and for public finances. Regimes for the restructuring and resolution of banks, financed by bank levies and fiscal backstops, seek to... more

    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    No inter-library loan
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 12 (2014,38)
    No inter-library loan
    Universitätsbibliothek Osnabrück
    No inter-library loan

     

    Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and for public finances. Regimes for the restructuring and resolution of banks, financed by bank levies and fiscal backstops, seek to reduce these costs. Bank levies attempt to internalize systemic risk and to increase the costs of leverage. This paper evaluates the effects of the German bank levy implemented in 2011 as part of the German Bank Restructuring Act. Our analysis offers three main insights. First, revenues raised through the bank levy are lower than expected, because of low tax rates and high thresholds for tax exemptions. Second, the bulk of the payments were contributed by large commercial banks and by the central institutions of savings banks and credit unions. Third, for the banks affected by the levy, we find evidence for a reduction in lending and higher deposit rates.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957290953
    Other identifier:
    hdl: 10419/106176
    Series: Discussion paper / Deutsche Bundesbank ; 38/2014
    Subjects: Bank levy; bank lending; interest rates; German banks
    Scope: Online-Ressource (36, [3] S.), graph. Darst.
  3. Cross-country co-movement in long-term interest rates
    a DSGE approach
    Published: 2015
    Publisher:  Bank of England, London

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; 530
    Subjects: Open-economy; international; co-movement; yield curve; interest rates
    Scope: Online-Ressource (34 S.), graph. Darst.
  4. The global economy in transition
    Published: June 2015
    Publisher:  World Bank Group, Washington, D.C

    Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016–17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will... more

    Access:
    Resolving-System (kostenfrei)
    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Clausthal
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan

     

    Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016–17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will compound the challenges many developing countries are facing as they adapt to an era of low commodity prices. Risks to this outlook remain tilted to the downside. This edition of Global Economic Prospects includes two Special Features that analyze the policy challenges raised by the two transitions in developing countries: the risks associated with the first U.S. central bank interest rate increase since 2006 and the implications of persistently low commodity prices for low-income countries. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by developing countries while the June edition contains shorter analytical pieces

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781464804854
    Other identifier:
    hdl: 10986/21999
    Series: Global economic prospects ; June 2015
    A World Bank Group flagship report
    Subjects: Internationale Wirtschaft; Strukturwandel; Wirtschaftsprognose; Economic forecasting; Economic forecasting; International economic relations; Capital flows; commodities; developing countries; emerging markets; financial markets; global economy; interest rates; low-income countries; oil prices; poverty; trade
    Scope: 1 Online-Ressource (circa 199 Seiten), illustrations (mostly color)
    Notes:

    Includes bibliographical references

  5. The behavior of aggregate corporate investment
    Published: 2014
    Publisher:  Simon Graduate School of Business, Univ. of Rochester, Rochester, NY

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Keine Speicherung
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Edition: This version: August 2014
    Series: Simon School of Business working paper series ; 14-18
    Subjects: Investment; stock returns; profits; interest rates; uncertainty
    Scope: Online-Ressource (39 S.), graph. Darst.
  6. Determinants of OECD countries’ sovereign yields
    safe havens, purgatory, and the damned
    Published: 2014
    Publisher:  Banque de France, Paris

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Nicht speichern
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Document de travail / Banque de France ; 494
    Subjects: interest rates; sovereign spreads; public debt; panel data
    Scope: Online-Ressource (38 S.), graph. Darst.
    Notes:

    Zsfassung in franz. Sprache

  7. Subjective interest rate uncertainty and the macroeconomy
    a cross-country analysis
    Published: [2017]
    Publisher:  Banque de France, Paris

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Nicht speichern
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Banque de France ; #619 (January 2017)
    Subjects: interest rates; subjective uncertainty; surveys of professional forecasters; macroeconomic fluctuations; structural VAR
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  8. Trust us to repay
    social trust, long-term interest rates and sovereign credit rating
    Published: 2014
    Publisher:  Research Inst. of Industrial Economics, Stockholm

    This paper asks whether the sensitivity of market long-term interest rates and credit ratings is associated with cross-country differences in informal institutions, measured by social trust. We note a number of theoretical mechanisms that could imply... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 206 (1039)
    No inter-library loan

     

    This paper asks whether the sensitivity of market long-term interest rates and credit ratings is associated with cross-country differences in informal institutions, measured by social trust. We note a number of theoretical mechanisms that could imply that similar objective problems are more likely to be effectively dealt with in higher-trust societies. A set of panel estimates across middle and high-income countries reveal that interest rates and ratings are substantially more sensitive to inflation and growth problems in low-trust countries. This finding sheds light on the differential market reactions to economic problems in seemingly comparable countries.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/109107
    Series: IFN working paper ; 1039
    Subjects: Trust; credit ratings; interest rates; economic reforms
    Scope: Online-Ressource (35 S.), graph. Darst.
  9. Reconstructing the savings glut
    the global implications of Asian excess saving
    Published: 2014
    Publisher:  Univ. of Western Australia, Economics, [Crawley, WA]

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 31 (2014,24)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Discussion paper / The University of Western Australia, Business School, Economics ; 14.24
    Subjects: Sparen; Sparquote; Japan; China; savings glut; China and Japan; interest rates; unconventional monetary policy
    Scope: 42 S., graph. Darst.
    Notes:

    Parallel als Online-Ausg. erschienen

  10. Managing growth in a volatile world
    Published: June 2012
    Publisher:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... more

    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Clausthal
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VSP 732
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan

     

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12106
    Series: Global economic prospects ; volume 5 (June 2012)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Scope: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  11. Uncertainties and vulnerabilities
    Published: January 2012
    Publisher:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... more

    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Clausthal
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VSP 732
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan

     

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12105
    Series: Global economic prospects ; volume 4 (January 2012)
    Subjects: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Scope: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  12. Navigating strong currents
    Published: January 2011
    Publisher:  The World Bank, Washington, DC

    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was... more

    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Clausthal
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VSP 732
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan

     

    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was created by the crisis has been reabsorbed, and developing countries have regained trend growth rates close to those observed in the pre-crisis period. The remainder of this report is organized as follows. The next section discusses recent developments in global production, trade, and financial markets, and presents updates of the World Bank's forecast for the global economy and developing countries. The global economy is transitioning from the bounce-back phase of the recovery toward a period of slower but more sustainable growth. Growth in most developing countries is increasingly running into capacity constraints, while in high-income and developing Europe and Central Asia growth is hampered by the concentrated nature of slack and ongoing restructuring. In this environment, policy needs to be moving away from short-term demand stimulus toward measures that generate additional employment by enhancing the supply potential of economies. The global policy environment has become highly charged and uncertain, and presents multiple risks to prospects for developing countries. As emphasized at the recent G-20 meetings in Seoul (G-20 2010), both developing and high-income countries will need to take care to minimize the negative external consequences of their domestic policy actions. Concretely, this means that while countries must remain mindful of domestic conditions, when opportunities present themselves to pursue domestic policy objectives in a manner that support adjustment elsewhere in the global economy these should be taken up.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12102
    Series: Global economic prospects ; volume 2 (January 2011)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; asset price; auction; Bank Bond; Bank Equity; bank lending; bank loan; banking assets; banking sector; banking sectors; banking system; basis points; Bond; bond flows; bond issuance; Bond Portfolio; bond yield; bonds; capacity constraints; capital control; capital controls; capital flows; capital formation; capital gains; capital inflow; Capital inflows; capital markets; capital outflows; capital shortages; CDS; Central Bank; commodities; commodity; commodity prices; consumer debt; consumer demand; consumer goods; contingent liabilities; Copyright Clearance; Copyright Clearance Center; corporate bonds; credit default; credit default swap; credit default swaps; credit rating; creditors; Current account balance; current account balances; current account deficit; current account deficits; current account surpluses; debt flows; debt relief; deposits; developing countries; Developing country; developing economies; dividends; dollar value; domestic credit; domestic economy; durable; durable goods; economic developments; economic performance; emerging markets; equipment; equities; equity flows; equity issues; equity market; equity markets; exchange rate; exchange rate movements; exchange rates; exporters; exposure; financial crisis; financial flows; financial inflows; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector policies; Financial Stability; financial support; fiscal consolidation; fiscal consolidations; fiscal deficits; fiscal policy; Fixed investment; flows of capital; Food price; food prices; foreign banks; foreign capital; Foreign direct investment; foreign exchange; foreign exchange market; foreign holdings; foreign investors; fund managers; future growth; futures; global economy; global exports; global financial markets; global investors; global pension; global trade; government finances; government spending; growth rate; growth rates; hedge funds; holdings; host country; import costs; income; incomes; indebtedness; inflation; inflationary pressure; inflationary pressures; infrastructure investment; institutional development; Institutional investor; interest income; interest rate; interest rate differentials; interest rates; International Bank; international bond; International capital; International capital flows; international financial markets; International settlements; investment climate; investment flows; investment funds; investment projects; investment rates; investment spending; investment vehicles; labor market; liquidity; local currency; local economy; local market; long-term interest; loss of confidence; Low-income countries; macroeconomic management; macroeconomic policy; market developments; market expectations; market index; market makers; market participants; market price; market prices; market valuations; market volatility; maturity; middle-income countries; monetary policy; money market; money supply; monopoly; Net debt; oil price; oil prices; output; output gap; output gaps; pension; pension funds; pension systems; political stability; Portfolio; portfolio investment; portfolios; power parity; price volatility; private capital; private capital flows; Private creditors; private savings; public finances; purchasing power; rapid expansion; regulatory requirements; remittance; remittances; repayments; reserve; reserve requirements; reserves; savings; savings rates; securities; short-term assets; short-term debt; sovereign debt; sovereign debt markets; speculative bubble; supply shocks; tax; tax rate; tax rates; Technological change; trading; transaction costs; transition countries; transition economies; Treasuries; Unemployment rates; volatility; withdrawal; world economy; world trade; yield spreads
    Scope: 1 Online-Ressource (circa 129 Seiten), Illustrationen
  13. Assuring growth over the medium term
    Published: January 2013
    Publisher:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... more

    Access:
    Resolving-System (kostenfrei)
    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Clausthal
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VSP 732
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan

     

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9780821398821
    Other identifier:
    hdl: 10986/12124
    Series: Global economic prospects ; volume 6 (January 2013)
    Subjects: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Scope: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  14. Discounting the distant future
    Published: 2014
    Publisher:  Cowles Foundation for Research in Economics, Yale Univ., New Haven, Conn.

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 29 (1951)
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Cowles Foundation discussion paper ; 1951
    Subjects: Discounting; environment; interest rates; inflation; Ornstein-Uhlenbeck process
    Scope: Online-Ressource (32 S.), graph. Darst.
  15. Reconstructing the savings glut
    the global implications of Asian excess saving
    Published: 2014
    Publisher:  Centre for Applied Macroeconomic Analysis, The Australian National Univ., Canberra

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Keine Speicherung
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper series ; 2014,20
    Subjects: Sparen; Sparquote; Japan; China; savings glut; China and Japan; interest rates; unconventional monetary policy
    Scope: Online-Ressource (40 S.)
  16. Taxing banks
    an evaluation of the German bank levy
    Published: 2014
    Publisher:  CESifo, München

    Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce these... more

    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 63 (4704)
    No inter-library loan

     

    Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce these costs. Bank levies attempt to internalize systemic risk and increase the costs of leverage. This paper evaluates the effects of the German bank levy implemented in 2011 as part of the German bank restructuring law. Our analysis offers three main insights. First, revenues raised through the bank levy are minimal, because of low tax rates and high thresholds for tax exemptions. Second, the bulk of the payments were contributed by large commercial banks and the head institutes of savings banks and credit unions. Third, the levy had no effect on the volume of loans or interest rates for the average German bank. For the banks affected most by the levy, we find evidence of fewer loans, higher lending rates, and lower deposit rates.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/96873
    Series: Array ; 4704
    Subjects: bank levy; bank lending; interest rates; German banks
    Scope: Online-Ressource (45 S.)
  17. Has house price growth in Canadian cities been excessive?
    Published: 2014
    Publisher:  Queen's Economics Dep., Queen's Univ., Kingston, Ont.

    The dramatic rise in Canada's average house price to average rent ratio has induced some commentators to argue that a speculative bubble is under way the collapse of which will have a calamitous effect on the economy. Others have argued, however,... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 216 (1331)
    No inter-library loan

     

    The dramatic rise in Canada's average house price to average rent ratio has induced some commentators to argue that a speculative bubble is under way the collapse of which will have a calamitous effect on the economy. Others have argued, however, that the currently high level of house prices may be rationalized by the low cost of financing, given the decline in interest rates over the last two decades. In this article, we assess these arguments through the lens of a simple asset pricing model applied to city-level data. We quantify the etxent to which excess growth in Canadian house prices depends on the nature of the current regime governing real interest rates, expections of rent growth in different cities and variations in property taxes.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/122032
    Series: Queen's Economics Department working paper ; 1331
    Subjects: House prices; interest rates
    Scope: Online-Ressource (26 S.), graph. Darst.
  18. Low real rates as driver of secular stagnation
    empirical assessment
    Published: 2014
    Publisher:  DNB, Amsterdam

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1612 (444)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: DNB working paper ; 444
    Subjects: interest rates; financial markets and the macroeconomy; monetary policy
    Scope: 15 S., graph. Darst.
  19. Forecast uncertainties in macroeconometric modelling
    an application to the UK economy
    Published: 2000
    Publisher:  CESifo, München

    This paper argues that probability forecasts convey information on the uncertainties that surround macroeconomic forecasts in a manner which is straightforward and which is preferable to other alternatives, including the use of confidence intervals.... more

    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 63 (345)
    No inter-library loan
    Universitätsbibliothek Osnabrück
    No inter-library loan

     

    This paper argues that probability forecasts convey information on the uncertainties that surround macroeconomic forecasts in a manner which is straightforward and which is preferable to other alternatives, including the use of confidence intervals. Probability forecasts relating to UK output growth and inflation, obtained using a small macroeconometric model, are presented. We discuss in detail the probability that inflation will fall within the Bank of England's target range and that recession will be avoided, both as separate single events and jointly. The probability forecasts are also used to provide insights on the interrelatedness of output growth and inflation outcomes at different horizons.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/75555
    Series: CESifo Working Paper ; 345
    Subjects: probability forecasting; long run structural VARs; macroeconometric modelling; probability forecasts of inflation; interest rates; output growth
    Scope: Online-Ressource (25 S.)
  20. The microstructure of China's government bond market
    Published: 2013
    Publisher:  Federal Reserve Bank of New York, New York, NY

    Although China now has one of the largest government bond markets in the world, the market has received relatively little attention and analysis. We describe the history and structure of the market and assess its functioning. We find that trading in... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 207 (622)
    No inter-library loan

     

    Although China now has one of the largest government bond markets in the world, the market has received relatively little attention and analysis. We describe the history and structure of the market and assess its functioning. We find that trading in individual bonds was historically sparse but has increased markedly in recent years. We find also that certain announcements of macroeconomic news, such as China’s producer price index (PPI) and manufacturing purchasing managers' index (PMI), have significant effects on yields, even when such yields are measured at a daily level. Despite the increased activity in the market, we are able to reject the null hypothesis of market efficiency under two different tests for four of the most actively traded bonds.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/93627
    Series: Staff report / Federal Reserve Bank of New York ; 622
    Subjects: trading activity; market efficiency; announcements; interest rates
    Scope: Online-Ressource (43 S.), graph. Darst.
  21. The macroeconomy and the yield curve
    a nonstructural analysis
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    We estimate a model with latent factors that summarize the yield curve (namely, level, slope, and curvature) as well as observable macroeconomic variables (real activity, inflation, and the stance of monetary policy). Our goal is to provide a... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 108 (2003,31)
    No inter-library loan

     

    We estimate a model with latent factors that summarize the yield curve (namely, level, slope, and curvature) as well as observable macroeconomic variables (real activity, inflation, and the stance of monetary policy). Our goal is to provide a characterization of the dynamic interactions between the macroeconomy and the yield curve. We find strong evidence of the effects of macro variables on future movements in the yield curve and much weaker evidence for a reverse influence. We also relate our results to a traditional macroeconomic approach based on the expectations hypothesis.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72638
    Series: CFS Working Paper ; 2003/31
    Subjects: Yield curve; term structure; interest rates; macroeconomic fundamentals; factor model; state-space model
    Scope: Online-Ressource (22, [16] S.), graph. Darst.
  22. Momentum and the term structure of interest rates
    Published: 2013
    Publisher:  Federal Reserve Bank of New York, New York, NY

    A vast literature reports excess returns to momentum strategies across many financial asset classes. However, no study examines trading rules based on price history along individual government-bond term structures - that is, with respect to duration... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 207 (657)
    No inter-library loan

     

    A vast literature reports excess returns to momentum strategies across many financial asset classes. However, no study examines trading rules based on price history along individual government-bond term structures - that is, with respect to duration buckets across the curve - as opposed to across sovereign markets or individual term structures as a whole over time. Under duration-neutral and long-only constraints as well as low trading costs, this paper reports excess annualized returns of up to 120 basis points and information ratios as high as 0.79 using U.S. Treasury total return data from December 1996 through July 2013. Given a corresponding long-short strategy with no absolute duration risk, excess returns and information ratios are up to 207 basis points and 1.01, respectively. Unlike momentum strategies in some other asset classes, the excess return distributions are positively skewed, and momentum loads, if in any way, favorably on broad risk factors. Returns correlate to a degree with portfolios based on instantaneous forward term premium estimates, in turn derived from a set of Gaussian arbitrage-free affine term structure models. However, substantial variance remains unexplained, the betas are less than one, and the alphas are meaningfully positive. A caveat is that underlying behavioral explanations for momentum are lacking in the context of the U.S. Treasury market.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/93608
    Series: Staff report / Federal Reserve Bank of New York ; 657
    Subjects: momentum anomaly; interest rates
    Scope: Online-Ressource (39 S.), graph. Darst.
  23. Does institutional change really matter?
    inflation targets, central bank reform and interest rate policy in the OECD countries
    Published: 2000
    Publisher:  CESifo, München

    We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries,... more

    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 63 (278)
    No inter-library loan
    Universitätsbibliothek Osnabrück
    No inter-library loan

     

    We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries, especially in the US A and Japan. In contrast with popular wisdom, it is only since the 1990s that policies in these countries begin to look consistent with an inflation-targeting regime. In addition, the introduction of inflation targeting and central bank reforms in countries like Sweden, Canada and New Zealand has not led to major changes in the way in which central banks react to the objectives of economic policy. In all cases changes in policy behaviour pre-date the introduction of inflation targets and central bank reforms. The paper challenges the one-size-fits-all attitude towards modern central bank policymaking which permeates a great deal of the current literature.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/75613
    Series: CESifo Working Paper ; 278
    Subjects: monetary policy; inflation targets; central bank reform; reaction functions; interest rates
    Scope: Online-Ressource (8 S., ii S.)
  24. The international transmission of credit bubbles
    theory and policy
    Published: May 2015
    Publisher:  GSE, Graduate School of Economics, Barcelona

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: May 2015
    Series: Barcelona GSE working paper series ; no 831
    Subjects: asset bubbles; capital controls; exchange rates; financial globalization; interest rates; international capital controls
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen